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Press release

Press release

AB Ångpanneföreningen (publ) Interim report January-June 2002

As anticipated, with the sole exception of the construction industry, where demand continued to be brisk, the market for the services of the ÅF Group remained weak throughout the second quarter of the year.

Demand was particularly sluggish for consulting services in the telecom sector and the pulp and paper industry, two of the ÅF Group's major areas of expertise. The situation in the market for installations, on the other hand, was more favourable, which explains the good results for areas of technical expertise such as HVAC & Sanitation Engineering and certain parts of Electrical Engineering & Instrumentation.

Capacity utilisation for the first half-year was 67 (71) percent. The Group has embarked on a programme of cost-cutting measures and rationalisations with the aim of ensuring an overall profit, and the organisation has been able to carry out the savings without undermining its ability to react swiftly and effectively to what is hoped will be an upturn in demand in the future.

Group profit after net financial items and proportions of associated companies' profits amounted to SEK 9 million (corresponding period in 2001: SEK 59 million). This gives a profit margin of 0.9 (5.9) percent and an operating margin of 1.6 (6.5) percent. These profits are charged with unrealised losses in the share portfolio of SEK 6 (2) million, and have also been influenced by a bonus to ÅF Group staff calculated at SEK 1 (7) million.

Sales totalled SEK 974 (1,002) million, with the reduction in capacity utilisation corresponding to approximately SEK 50 million in lost income. The number of employees (calculated as full-time equivalents) during the reporting period was 2,589 (2,433) including those in associated companies.

The ÅF Group's net worth after the 20 percent standard tax deduction on the estimated surplus value of property was SEK 106 (117) per share. The fall in value was attributable chiefly to the dividend of SEK 13 per share. Adjusted equity ratio was 44 (45) percent. Return on equity was 3.4 (14.9) percent.

At an extraordinary general meeting in January 2002 Eva-Lotta Kraft and Carl-Erik Nyquist were elected to the Board of Directors, while Hans Dalborg, Lars Westerberg and Anders Narvinger tendered their resignations. Carl-Erik Nyquist was subsequently elected as Chairman.

At the annual general meeting of Shareholders in April 2002 Helena Skåntorp, Magnus Grill and Peter Sandström were also elected to the board. Gunnar Grönkvist and Gunnar Svedberg were re-elected, and Yngve Lundberg resigned.

Towards the end of June the Board of Directors resolved to appoint Jonas Wiström to the position of new Managing Director for the company. Jonas Wiström expects to take up his new position in September.

Stockholm, Sweden - 13 August 2002

AB ÅNGPANNEFÖRENINGEN (publ)

Gunnar Grönkvist

Managing Director

The full report including tables can be downloaded from the following link.